Support The Moscow Times!

Milkiland Starts IPO Before Listing Shares

PRAGUE — Milkiland, a dairy company that operates in Russia and Ukraine, said Monday that it started book-building for an initial public offering of a minority stake in Poland to raise funds for plant upgrades and acquisitions.

As many as 6.25 million new and 750,000 existing shares, or more than 22 percent of the company, are being offered before the Warsaw Stock Exchange listing in December, Milkiland said in a statement.

The maximum price for retail investors has been set at 45.5 zloty ($15.80) per share; for institutional investors, the price may be set higher, the statement said.

The proceeds from the offering of new shares, estimated at 72 million euros ($98 million), will help to modernize plants, expand dairy farms, finance acquisitions and increase capital, Milkiland said in the statement.

The share sale "will enable us to effectively exploit the opportunities presented to us by growth in the market for dairy products in the Commonwealth of Independent States," chief executive Vyacheslav Rekov said in the statement.

The retail subscription period will run from Tuesday to Nov. 25, Milkiland said. Book-building among institutional investors will end Nov. 25 and subscriptions will take place from Nov. 26 to Nov. 29. The allotment date is Nov. 30, and the shares are scheduled to start trading in Warsaw on Dec. 6.

UniCredit Bank is the sole global coordinator and bookrunner for the offering, while Concorde Capital is helping manage it, Milkiland said.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more